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IMF spokesperson Gerry Rice

Washington: India’s economy is on the path of gradual recovery, the International Monetary Fund has said ahead of its next month’s spring meeting with the World Bank.

“India’s economy is on the path of gradual recovery, real GDP growth, return to positive territory in fourth quarter of 2020. And that’s for the first time actually since the start of the pandemic and it’s supported by a pickup in gross, fixed capital formation,” IMF’s spokesperson Gerry Rice told reporters at a news conference here on Thursday.

“Beyond that, I can say that high frequency indicators including PMIs trade and mobility suggests a continued recovery in the first quarter of this year, ’21; however, the recent emergence of the variants and localised lockdowns could pose risks to a sustained recovery,” Rice said.

The IMF is scheduled to release its World Economic Outlook on April 6.